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Prepare a statement of Cost of Goods Manufactured and a statement of Cost of Goods Sold. Please state whether we are under/over applied and by
- Prepare a statement of Cost of Goods Manufactured and a statement of Cost of Goods Sold. Please state whether we are under/over applied and by how much.
Beginning Raw Materials Inventory | $20,000 |
Ending Raw Materials Inventory | 15,000 |
Beginning Work in Process Inventory | 16,000 |
Ending Work in Process Inventory | 13,000 |
Beginning Finished Goods Inventory | 25,000 |
Ending Finished Goods Inventory | 22,000 |
Purchases | 120,000 |
Direct Labor | 55,000 |
Actual Manufacturing Overhead | 95,000 |
Applied Manufacturing Overhead | 92,000 |
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